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Australian PM defends release of investment guidelines |
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10:11, February 18, 2008 |
Australian Prime Minister Kevin Rudd said on Monday the release of guidelines relating to overseas investments was a response to community demands for greater transparency.
The release of the guidelines was a way of meeting community demand for more clarity when it came to foreign investment decisions, Rudd told ABC radio.
"I make no remarks at all in relation to current moves on the part of particular companies," he added.
Treasurer Wayne Swan released foreign investment guidelines on Sunday to make clear why some overseas stakes in Australian companies may be blocked on recommendation of the Foreign Investment Review Board (FIRB).
The treasurer has the power to block foreign investment if it is not considered in the national interest, but does not have to give specific reasons for the decision.
The guidelines are aimed at preventing foreign governments from interfering in Australian business affairs through their ownership of investment funds that may control stakes in Australian companies.
Rudd said Swan had detailed foreign investment guidelines because there had been legitimate community and business desire "for a more precise definition of what the public interest is in shaping the FIRB's recommendations on any ... application."
He also said he wanted to discuss with the Chinese leadership China's future investment role in Australian resources.
"How do we fashion this long-term energy and resource relationship between our two countries," he said.
Source: Xinhua
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